Benchmark Labs combines grid level weather data with site-based IoT sensors, and uses their proprietary AI software to provide precise asset-located weather forecasting to optimize renewable energy generation & water allocation, reduce spatial basis risk and maximize financial benefits.
Tech
Benchmark Labs
Meet Benchmark Labs
Benchmark Labs provides asset-specific weather forecasts for the energy sector and beyond. We do this by using out patent-pending machine learning-based technology and by blending publicly available datasets from the national weather service (NWS) with IoT-enabled in-field sensor data.
Our technology provides more accurate, in-field environmental forecasts and has the added benefit of decreasing the spatial basis risk of catastrophic insurance products.
Why is your company the best option to solve the problem you're solving?
We are the best option to solve the problem because: a) we know why traditional providers cannot address that need, b) we have the domain expertise to do it, c) we have target customers asking for our solution, and d) we are passionate and really care about how this problem is affecting the energy, agricultural and insurance sectors.
What nuggets of info make you interesting? Why do people care about what you're doing?
Our technology can be used to save water & energy! In a nutshell, our forecasts improve temperature, relative humidity, wind speed and solar radiation forecasts, and other relevant variables for the energy sector. In addition, our precipitation, evaporation and soil moisture forecasts help farmers improve their management decisions. With respect to our community, our goal is to provide machine learning, data and environmental scientists with opportunities outside traditional career paths in academia or big tech companies.
What else do you want us to know?
We recently got accepted into the Southern California Energy Innovation Network. We are currently members of The Maritime Alliance's BlueTech Incubator, and also got accepted into the highly competitive Plug and Play Insurtech Program.
BEHIND THE COMPANY
CEO/Founder: Carlos Gaitan Ospina
What one book, podcast, newsletter, etc. do you recommend to other entrepreneurs? Why?
99 % Invisible podcast. This podcast is about all the thought that goes into the things that we don't think about, from architectural decisions to weather forecasting (of course our favorite episode).
What is your company's secret sauce?
Our secret sauce, as every good sauce is a combination of many ingredients, some of them not so secret. In our case the ingredients are: a) Team Experience, b) Domain Expertise, c) Network Effects, d) A clear beach-head market, and e) One cup of our patent-pending technology.
What inspired you to start/run this company?
Benchmark Labs started after seeing the growing need to provide personalized, relevant and actionable agro-meteorological forecasts to farmers and other users who were getting "gridded" / one size fits all-like forecasts from traditional weather providers and weather centers over the world.
What's the best entrepreneurial advice you've received?
Build MVPs quickly, test them, receive feedback and iterate. Remember that you are building Minimum Viable Products not Most Valuable Products.
What's the worst entrepreneurial advice you've received?
Fake-it 'till you make it.
What sets your company culture apart?
Our team is committed to helping growers feed the world and to use the world's energy resources more effectively. Our relationships with our customers and team members are governed by integrity, trust, honesty, professionalism, and open communication. We operate in an environment defined by collaboration and continuous improvement.
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